Goodman Fielder takeover approved by China

Australian food manufacturer Goodman Fielder has announced that the Anti-Monopoly Bureau of the Ministry of Commerce of the People’s Republic of China (MOFCOM) has approved Goodman Fielder’s proposed takeover by Wilmar International Limited (Wilmar) and First Pacific Company Limited (First Pacific).

The proposed acquisition has been approved by China under the Anti-Monopoly Law. Goodman Fielder has advised that approval from the Overseas Investment Office in New Zealand is the last remaining regulatory approval yet to be obtained.

Australian Food News reported in November 2014 that the acquisition of Goodman Fielder by Asian agribusiness company Wilmar and Hong Kong-based investment management and holding company First Pacific had been approved by the Australian Foreign Investment Board.

The continued progress of the proposed acquisition comes as Goodman Fielder continues to report decreasing revenue amidst “difficult trading conditions. Australian Food News reported last week that Goodman Fielder had seen pressure in its Baking and Grocery businesses lead to a 6 per cent drop in overall revenue for the Company.

As previously advised to the market, the shareholder meeting to consider and vote on the Scheme of Arrangement is scheduled for 26 February 2015. Goodman Fielder said it would continue to keep shareholders updated on any material developments.